Caymans Post

A world within. A state apart.
Sunday, Feb 05, 2023

Elon Musk overtaken as world's richest person by LVMH chairman Bernard Arnault

Elon Musk overtaken as world's richest person by LVMH chairman Bernard Arnault

The Twitter and Tesla chief executive had held the title of world's richest person since September 2021, when he overtook Amazon's Jeff Bezos to the top spot.

Twitter and Tesla CEO Elon Musk is no longer the richest person in the world after being usurped by LVMH chairman and CEO Bernard Arnault.

According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 fashion and cosmetic brands, whose rose by $849m (0.46%).

Arnault's net worth is listed as $187.3bn (£151.1bn) on the Forbes list.

Back in October, Arnault hit headlines after he sold his private jet after Twitter accounts such as @i_fly_Bernard and @laviondebernard sprung up on the social media platform to track the billionaire's aircraft, revealing the amount of pollution they cause.

A year prior, the same happened to Musk. The SpaceX and Tesla chief described the tracker, which uses publicly available air-traffic information, as a potential threat to his safety - and offered the teenager behind the social media page $5k (£4k) to shut down the @ElonJet account, which was rejected. Today, the account has been suspended.

Musk's $176.8bn (£142.6bn) real-time net worth is based largely on his 25% ownership of Tesla, but stocks closed down 6.87% for the day today.

Stocks of the automotive company have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk's $44bn (£35.5bn) Twitter acquisition, CNBC reports, where he sold off approximately $4bn (£3.2bn) of Tesla stock.

Forbes said that the businessman's wealth peaked in November 2021 when he was worth $320bn (£258bn).


CEO of LVMH Bernard Arnault

The Bloomberg Billionaires Index, which uses slightly different methodologies, was updated on Wednesday and also ranked Musk's fortune behind Arnault.

Musk had been the world's richest man since September 2021, taking over from Amazon CEO Jeff Bezos.

Much of Musk's wealth is tied up in his private companies including rocket and internet firm SpaceX, infrastructure and tunnel construction services company The Boring Company, and Neuralink, which wants to put computer chips in people's brains.

According to Bloomberg, SpaceX, formerly known as Space Exploration Technologies Corp, is valued at around $140bn (£112.9bn) and dominates the market for commercial space launch.

Musk's dip in global wealth rankings comes shortly after he was greeted with "a lot of boos" during an awkward on-stage appearance at a Dave Chappelle comedy show in San Francisco.

In a clip posted to the mogul's Twitter account, Chappelle is seen asking audience members to "make some noise for the richest man in the world".

They promptly oblige, though likely not in the way either of the men intended. Trying to interject the hostile reaction, Musk spent most of the five-minute appearance awkwardly standing still or pacing around on stage.

In a now deleted tweet, Musk insisted that the crowd was "90% cheers" and "10% boos," which were a result of having offended "San Francisco's unhinged leftists".

A day after his appearance with Chappelle, Twitter dissolved its Trust and Safety Council, which was formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

Shortly after buying Twitter for $44bn in late October, Musk said he would form a new "content moderation council" to help make major decisions, but later changed his mind.

Last week, three council members announced they were resigning in a public statement posted on Twitter that said "contrary to claims by Elon Musk, the safety and wellbeing of Twitter's users are on the decline".
Newsletter

Related Articles

Caymans Post
Close
0:00
0:00
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Tennessee Bill Would Imprison People for 3 Years If They 'Lie' About Rape to Get an Abortion.
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
×